GBPUSD Technical Analysis Report 19 May, 2021

• GBPUSD broke resistance level 1.4135
• Likely to rise to resistance level 1.4245

GBPUSD continues to rise after previously breaking the resistance area lying between the resistance level 1.4135 (top of the previous impulse wave 1) and the resistance trendline of the narrow daily up channel from the start of April. The breakout of this resistance area accelerated the active impulse wave 3 – which belongs to the longer-term upward impulse wave (3) from the end of April.

Given the clear daily uptrend and the strongly bearish sentiment affecting the U.S. dollar as seen across the Forex markets today – GBPUSD currency pair can be expected to rise further toward the next major resistance level 1.4245 (former multi-month top from the end of February) – from where the pair is likely to correct down.

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